Chancellor Nadhim Zahawi addressed the challenges the world is facing, stressing that financial services and related technology will be key to recovery.

In Brief:

The chancellor committed to repealing some aspects of EU law to be replaced with UK financial regulation decided by the UK’s independent regulators.

This provides a new objective for the FCA and PRA as they seek to “facilitate growth and competitiveness” in response to this

The UK will also reinforce its position as a leading centre of technology, committing to the safe adoption of cryptoassets.

What does it mean?

There will need to be regulatory reform, tailored to specific needs of the UK market – which offers the opportunity for the UK to “take its own paths”. This will be bolstered by a clear commitment to set out how the FCA and PRA will deliver on their new growth and competitiveness secondary objectives and monitor progress.